Late on Wednesday, a bill aimed at increasing the debt limit and setting a cap on government spending successfully cleared the House of Representatives with a significant majority.

The bill has now been forwarded to the Senate, arriving just a few days before the looming U.S. default deadline on Monday, CNBC News reported.

Known as the Fiscal Responsibility Act, the legislation garnered a noteworthy 314-117 vote, receiving bipartisan support from both Democrats and Republicans.

This outcome marked a climactic end to weeks of tense negotiations between Republican House Speaker Kevin McCarthy and the White House.

The spotlight now shifts to the Senate, which is under Democrat control.

Leaders from both parties are eager to expedite the bill’s passage within a strict timeframe of 48 hours. Late into Wednesday night, Senate Majority Leader Chuck Schumer, representing New York and the Democrats, took the floor in an almost deserted Senate chamber to officially schedule the bill for consideration on Thursday.

Written by staff